Applicant
Ernslaw One Limited
Case number(s)
201510012
Decision date
Type
Decision
DecisionConsent granted
Sections 12(a) of the Overseas Investment Act 2005
Decision date6 May 2015
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 464 hectares of land at Spray Road/Waihopai Valley Rd, Waihopai, Marlborough.
Consideration$785,000
ApplicantErnslaw One Limited
Tiong Family, Malaysia (100%)
VendorWaihopai Downs Limited
New Zealand (100%)
Background

The Applicant intends to convert the land to forestry. The land is particularly suited to forestry and adjoins forestry holdings owned by an associated company Timbergrow Limited (which will allow the sharing of management and labour resources). 

The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors:

Overseas Investment Act 2005
17(2)(a)(i) – Creation of Jobs
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Greater productivity and efficiency
17(2)(a)(v) – Additional investment for development purposes
17(2)(e) – Walking access

Overseas Investment Regulations 2005
28(d) – Owner to undertake other significant investment
28(e) – Previous investments
28(f) – Advance significant Government policy or strategy
28(g) – Enhance the viability of other investments
28(i) – Economic interests

More informationDeirdre Norris
Glaister Ennor
PO Box 63
AUCKLAND